The Morristown NJ Real Estate Update June 1 2008

It is looking like another down year for Morristown NJ real estate.  The time to sell is not very encouraging, and the prices home sellers are getting as compaired to 2007 are down a bit.

So far in 2008 the Morristown NJ Real Estate market has seen 74 homes sell and close as compaired to 60 in 2007.  The average price of a home sold in 2008 here in Morristown NJ has been $394,110 as compaired to $432,349 in 2007.  The average number of days to sell a home in Morristown NJ this year has been 101.3 as compaired to 73.8 in 2007.  

It seems like many of the Morristown NJ home sellers have learned the pricing lesson.  When showing homes in Morristown I can say that I am noticing that there are many more value priced homes than I was seeing last year.  This is a very good thing for buyers and sellers.  Sellers are more often getting their homes sold this year, and buyers seem to have a much better selection of reasonably priced homes to choose from.  This is actually getting to be a very good time for home buyers to be out there finding a great home.

There are also some very interesting new construction projects in Morristown NJ which are helping to keep Morristown NJ real estate in the news.  The 40 Park Condominiums are supposed to be 40% pre-sold as of writing this piece, The Vail Mansion Condominiums are supposed to be near 100% sold out, Vail Commons on speedwell seems to be selling ok as well.  We even have the condominiums at Dehart Place which are more like townhomes than condominiums, with over 3600 sqft and private elevators in each home they are trending into the Luxury home category in Morristown.

If you would like to investigate some of what the Morristown NJ area has to offer, as well as search all the homes currently listed for sale in our local MLS system, visit Morristown NJ Real Estate.  There you will find the best MLS search tools availible to the public.

More Morristown NJ Home Sales information here.